Allegations shake Adani stocks: Market cap takes a ₹35,000 cr hit

Adani Group stocks experienced declines as most of its companies closed lower on Thursday following allegations by investigative platform OCCRP. The report claimed that significant investments in Adani group stocks were made through 'opaque' investment funds based in Mauritius, managed by partners of the billionaire Gautam Adani's promoter family. Adani Group denied the charges, while nine out of ten group firms closed negatively.

Adani Green Energy shares plummeted by 4.39% to Rs 928.05 apiece, Adani Enterprises fell by 3.77% to Rs 2,418.80, and Ambuja Cements dropped 3.53% to Rs 428.50 per share on the BSE. Similarly, other stocks like Adani Energy Solutions, Adani Ports and Special Economic Zone (APSEZ), and Adani Total Gas also experienced declines.

Adani Wilmar fell 2.56%, Adani Power dropped to Rs 321.05, and NDTV to Rs 214.60. In contrast, ACC gained 0.47%, closing at Rs 2,009.55 per share.

The allegations, from an organization supported by entities like George Soros and Rockefeller Brothers Fund, surfaced months after a US short seller's claims impacted Adani Group stocks. The OCCRP investigation cited documents from tax havens and internal emails to allege that certain investors conducted offshore Adani stock transactions that obscured their involvement and resulted in substantial profits. Adani Group denied these allegations as "recycled," emphasizing that previous investigations had cleared them of over-valuation charges.